- RAPT Therapeutics' lead asset, **RPT-904**, is a next-generation anti-IgE antibody in Phase 2 development, targeting **food allergy** (a **$40 billion** U.S. market) and **chronic spontaneous urticaria (CSU)** (a **$5 billion** U.S. market).  **[1673772_tx_380796_1]** 
- RPT-904 aims to differentiate from Xolair (omalizumab) by offering **Q8 week or Q12 week dosing** (compared to Xolair's Q2/Q4 week) and potentially treating patients currently ineligible for Xolair, due to improved half-life and affinity while preserving the same epitope.  **[1673772_tx_380796_1]** **[1673772_tx_380796_2]** **[1673772_tx_380796_3]** 
- The company plans to initiate a **Phase 2b study** for RPT-904 in food allergy before the **end of 2025**, with top-line data expected **18 months** after study start.  **[1673772_tx_380796_4]** **[1673772_tx_380796_6]**  For CSU, RAPT is awaiting **Phase 2 data** from its partner GeminCare in the **second half of 2025**, which could enable direct progression to Phase 3 if positive.  **[1673772_tx_380796_4]** **[1673772_tx_380796_5]** 
- RAPT reported **$170 million in cash** at the end of Q2 2025, providing a cash runway through the **second half of 2027**, which covers the Phase 2b food allergy data readout.  **[1673772_tx_380796_7]**

RAPT Therapeutics (RAPT)